A student has two loans totaled $45,000. The interest of one loan is 5.1% and the interest of the other loan is 3.8%. After one year, the student has paid $1953.10 in interest. What was the amount of each loan?

Question

A student has two loans totaled $45,000. The interest of one loan is 5.1% and the interest of the other loan is 3.8%.   After one year, the student has paid $1953.10 in interest. What was the amount of each loan?

anonymous · Answer

0.051 x + 0.038y = 1953.1
x + y = 45000
solve for x and y

anonymous · Answer

I am not sure how

anonymous · Answer

ok multiply the 2nd equn, by 0.051 to eliminate x
0.051x + 0.051y = 2295
now subtract this from first equn.
-0.013y = - 341.9
y = -341.9 / -0.013 = $26300       -  is the amount of first loan

x =  45000 - 26300

anonymous · Answer

ill let you do the last subtraction

anonymous · Answer

ok this may take a minute

anonymous · Answer

I am kind of confused....what did you multiply 0.051 by?

anonymous · Answer

the equation x + y = 45000
i multiplied each of the three terms by 0.051

anonymous · Answer

OOh okay, after subtracting I got 18,700

anonymous · Answer

yup

anonymous · Answer

sweet so the 3.8 loan is 18700 and the 5.1 loan is 26300??

anonymous · Answer

right

anonymous · Answer

sweet thank you >D

anonymous · Answer

ok i gotta go